Tuesday, April 22, 2008 Cayading: Location, location, location By Trinidad Cayading D'Biz News
NOW you have come to a point where you have to find a good place to put up shop. What do you look for in a business location? I really depend on what your business is about.
If you are going into retailing, then it is important to look for a site that is frequented by your target market because you will need them to buy your products.
It is different if you plan to go into manufacturing, as you will need an area where infrastructure support, such as roads, communications, electricity, and water, is strong. Ideally, a manufacturing plant should also be near sources of raw materials and of employable people.
Just look around, you will see leading casual food chain in the country and other parts of the globe, like the Jollibee, and McDonalds, has these to consider when selecting areas to locate new outlets: these establishments first conduct a demographic survey by considering a sizable number of professionals, students or corporate executives is important.
They also make a "traffic count" and "behavior evaluation" in the area. This is very important issue if you want to go into retail. In fact, foot traffic should form part of a starting entrepreneur's criteria when scouting for a good location to set up in. You may have to physically count the number of people passing the area at different times of the day so you may be able to plan your actual operations.
Accessibility is one of the important issues to consider. Is the place accessible to everybody you will be doing business with customers, suppliers and employees? If you are targeting the high-income group as customers, is there ample parking space for them?
Another issue is competition. You have to know any establishments and other businesses in the area that vie for the same market clients. Will there be enough demand for products or services that you and your competitors will offer?
As an entrepreneur, you must also know the local rules, resolutions, policies and ordinances being enforced in the area that might affect your business. You also have to check the area's zoning policy.
If you are targeting a location in a commercial building or a mall, make sure the facilities are sufficient for you and other businesses in the area. You also have to double-check your assigned slot in a mall to find out if foot traffic is heavy.
One thing you have to consider is your growth plans. Will there be space to expand your business when the time comes? If there is, find out early enough to so you can plan how much you need to set aside to cover the additional cost.
Well, not everyone is keen on reaching more areas; however, even these are ideally located. One of the successful entrepreneurs in town says: "If you have a strong brand, customers will come to you anyway no matter where your location is."
